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Self-Storage in Cathedral City Sells for $5.8M

Buyer to Rebrand 100,000-SF Facility
December 29, 2011
The Date Palm Self Storage Facility at 69100 Converse Rd. in Cathedral City, CA was sold to McGaelic Group LP for $5,791,500, or approximately $56 per square foot. The buyer will rebrand the facility under the Extra Space Storage flag, which manages about 3,200 locations nationwide.

Built in 2002, the property is comprised of 552 storage units totaling 103,523 square feet on a 4.8-acre lot located at the northeast corner of Converse Rd. and Date Palm Dr. in Inland Empire's Riverside County. The property was at 75% occupancy at the time of sale.

Stephen Grossman of NAI Capital represented the seller, Palm Storage LLC. Kenneth High of Nordman, Cormany, Hair & Compton, along with Mike Penrod of Parkstone Companies, represented the buyer.

For additional information on this transaction, please refer to CoStar COMPS #2197646.

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